(Ecofin Agency) - Within three days, Swvl made two strategic acquisitions to expand into Europe and the US. With Zeelo, the Egyptian firm will be present in 21 countries worldwide.
The Egyptian mass transit group Swvl, announced Thursday (April 28), the acquisition of British smart bus platform Zeelo, for an undisclosed amount. The deal allows Swvl to enter three new strategic markets: the United Kingdom, South Africa, and the United States.
“We look forward to bringing Swvl insights from Zeelo's strategic pivot during the global pandemic and we've been impressed by Swvl's fast growth in challenging markets. We are excited to leverage their global experience as we embark on a shared journey to develop safe, affordable, and low emission mass transportation options, and expand economic opportunity for the people who need it most through our mobility solution. Especially shift workers, professionals, and students living in transport-poor areas in the developed markets,” commented, Sam Ryan (photo), Zeelo Founder and CEO.
According to an official release, the acquisition is expected to be complete in May 2022. It is Swvl's second strategic acquisition in the space of three days. On April 25, it announced the acquisition of Volt Lines, Turkey's Leading Provider of Tech-Enabled Mass Transit Solutions, to expand further in Europe.
The acquisitions provide Swvl with the opportunity to scale its platform globally, strengthen its capabilities, and create substantial value for its shareholders. The company will deepen its penetration of the UK market, and gain an entry point into the US and South Africa where it will offer a complementary suite of B2B mobility solutions.
In addition, it will expand its global footprint to 146 cities in 21 countries on five continents. It will also continue to fulfill its contract with more than 490 corporate and institutional clients.